Short positions over $165 million are being liquidated after Bitcoin and Ethereum Uptrend
No one can say that the crypto winter is over yet, but the good news is that Bitcoin and ETH seem to have gained significant momentum in the last 24 hours. This greenish price movement has caused many investors to liquidate their short positions.
Another good news is that the global crypto market capitalization that recently fell has hit $150 billion. Now it is more than 1 trillion.
Ethereum price rises as Bitcoin rises
According to data available on CoinMarketCap, at the time of writing, the BTC price is on the verge of registering the $24k mark, while Ethereum stands at $1605, showing a large increase in 24 hours.
Based on historical data, Bitcoin climbed above the $20,000 mark at the close of the market on July 16. It opened July at $21,195.04, but unfortunately fell to $20,779.34 at the close on July 17. But on July 18, the number one crypto saw a rise to $22,176.05 and has continued to maintain its mid-day price increase.
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The second largest crypto ETH has also seen a positive movement in its price. Ethereum ETH price rose 9% on July 18. The crypto had been trying to hold its price above $1,200 since July 7, when it hit that high.
Unfortunately, it fell to $1,097.24 by the close of the market on July 11th and continued below $1,100 until July 13th. From that day, ETH started its journey above the $1,100 level until July 18, when it reached $1,471.65 representing a 24-hour increase of 9.12%.
Short positions liquidated
The positive price movement on both Bitcoin and Ethereum has resulted in the liquidation of many short positions. According to our sources, the total liquidated shorts are $160 million while the long positions stand at $90 million, making it a total of $250 million in liquidations.
According to the available data on Coinglass, FTX recorded the largest liquidation so far. In the last hour alone, ETH’s price in the futures sector recorded over $4 million in liquidations.
Data also showed that investors are liquidating more of their ETH positions and have held for more than 4 hours since the price changed. Our sources revealed that around 65,000 ETH had been liquidated, amounting to $94 million in these hours.
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As for the positions being liquidated, our sources discovered that several were short positions and are taking place on many major crypto exchanges. crypto exchange platform OKX records the most liquidations in the last 24 hours, surpassed only by Binance. These platforms have liquidated over $10 million in short positions in the last 4 hours.
Featured image from BBC, chart from TradingView.com
